基于部门间融资差异的高杠杆和产能过剩形成机理  

The Formation Mechanism of High Leverage and Overcapacity Based on Sectoral Financing Differences

作　　者：赵晶[1] 赵宣凯 张居营 张宇晴[4] Zhao Jing;Zhao Xuankai;Zhang Juying;Zhang Yuqing(Business School,Northeast Normal University,Changchun 130117,China;China Center for Internet Economy Research,Central University of Finance and Economics,Beijing 100018,China;School of Finance and Investment,Hebei Finance University,Baoding 071051,China;School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]东北师范大学经济与管理学院,吉林长春130117 [2]中央财经大学中国互联网经济研究院,北京100081 [3]河北金融学院金融与投资学院,河北保定071051 [4]吉林大学商学与管理学院,吉林长春130012

出　　处：《数量经济研究》2022年第2期111-136,共26页The Journal of Quantitative Economics

基　　金：国家社会科学基金青年项目“上市公司原始股东减持的主观动机,时机选择及市场影响研究”(19CJY060)的资助。

摘　　要：本文引入部门间融资差异,基于数据分析、实证判别、理论推演和数据模拟等方法,研究当前中国经济面临的高杠杆、产能过剩以及效率下滑等问题的形成机理。研究结果表明,国有企业具有典型的融资优势和预算软约束特征,且过度投资冲动明显,对效率更高的民营企业的融资需求挤出效应显著,而金融资源配置的扭曲不仅导致全社会的杠杆率居高不下,同时也显著地降低了经济运行的整体效率,并形成了传统行业产能严重过剩和金融资源脱实向虚的后果。因此,继续推进供给侧结构性改革,保证中国经济顺利走出当前困境的首要任务就是有效遏制国有企业的债权融资冲动,进而避免国有企业对金融资源的严重挤占问题。Based on data analysis,empirical discrimination,theoretical deduction and data simulation,this paper introduces the financing differences between different sectors to study the formation mechanism of high leverage,overcapacity and declining efficiency currently faced by China’s economy.The research results show that the state-owned enterprises have typical financing advantages and soft budget constraints,and their over-investment impulse is obvious.The financing demand of the private enterprises which are more efficient has suffered a significant crowding out effect by the state-owned enterprises.The distortion of financial resource allocation not only leads to the high leverage of the whole society,but also significantly reduces the overall efficiency of economic operation,and leads to the serious overcapacity of traditional industry and problem that financial resources are diverted out of the real economy.Therefore,the primary task of continuing to promote the supply-side structural reform and to ensure that the China’s economy can smoothly get out of the current predicament is to effectively curb the debt financing impulse of the state-owned enterprises,thereby avoiding the serious crowding of financial resources by the state-owned enterprises.

关 键 词：融资差异 高杠杆 产能过剩 经济效率 

分 类 号：F832[经济管理—金融学]